The federal EV tax credit, originally set to last until 2032, will now expire within months, specifically by September 30. A $7,500 discount applies to qualifying new electric vehicles, while used EVs can receive a credit covering 30% of their price, up to $4,000. Leasing companies can utilize the tax credit, offering reduced monthly payments to customers. Specific sourcing requirements ensure only a select number of plug-in vehicles qualify, alongside price caps of $80,000 for trucks and SUVs and $55,000 for sedans.
The federal EV tax credit is set to end soon, necessitating immediate action for those considering buying or leasing electric vehicles. If you want the best deal on an EV, the clock is ticking.
The $7,500 federal tax credit will only be available for vehicles purchased and placed into service by September 30, with funding ceasing by the end of summer 2025.
The tax credit for used plug-in vehicles covers 30% of their purchase price, limited to $4,000, while leasing companies can pass on the $7,500 credit as discounted monthly payments.
Key requirements for the EV tax credit include sourcing preferences for domestic production and MSRP caps of $80,000 for SUVs and trucks and $55,000 for sedans.
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